The Nigerian Stock Exchange (NSE) started the week on a positive note, recording a N10 billion increase in market capitalization on Monday. The All Share Index appreciated by 0.02%, closing at 102,370.62 points, slightly up from the previous day’s close of 102,353.68 points. Despite this upward movement, the market remains negative for both the year-to-date and month-to-date, with a decrease of -0.48% for each. However, the week-to-date figure showed a modest 0.02% increase, reflecting a cautiously optimistic market sentiment.
A total of 1,250,749,735 shares were traded across 11,477 deals, valued at N16.35 billion. The market breadth closed positively, with 28 stocks recording gains, while 22 stocks saw declines in their share prices, indicating a more optimistic outlook despite some volatility in certain sectors.
Among the top gainers, Caverton led with a 10.00% increase in its share price, closing at N2.42, up from N2.20. Neimeth followed closely with a 9.91% rise, moving from N3.43 to N3.77. SCOA Nigeria saw a 9.68% gain, closing at N2.72 from N2.48. UPDC increased by 9.52%, closing at N1.84, from N1.68. Sovereign Trust Insurance also posted a 9.09% increase, rising from N1.10 to N1.20.
On the other hand, the top losers experienced more significant declines. Eunisell recorded the highest loss, dropping by 9.99%, closing at N14.06, down from N15.62. John Holt followed with a 9.63% decrease, from N10.18 to N9.20. Secure Electronic Technology saw an 8.99% fall, closing at N0.81, down from N0.89. Honeywell Flour Mill dropped by 8.59%, closing at N9.05, from N9.90. Cornerstone Insurance also experienced a 7.39% decline, falling from N4.06 to N3.76.
In terms of high-volume and high-value transactions, Universal Insurance Company recorded the highest volume of trades, with 27.7 million shares traded, valued at N18.71 million. Zenith Bank traded 16.7 million shares, valued at N785.84 million. Oando led in trade value, with 16.6 million shares traded, valued at N1.24 billion. Fidelity Bank followed with 15.8 million shares traded, valued at N279.45 million, and Veritas Kapital Assurance saw 15.8 million shares traded, valued at N23.73 million.
The PUNCH had earlier reported that the Nigerian equity market experienced a loss last week, shedding N1.45 trillion in market capitalization. The All Share Index fell by 2.94%, closing the week at 102,353.68 points, while the market capitalization dropped by 2.26% to N62.85 trillion. Despite the challenges, the current positive movement in the market provides some optimism as investors watch for further trends throughout the week.
